Comments from Fed Plosser, a rebound in commodities (oil & gold) and strength in overseas markets are being cited as positive catalysts. We also have some news of some leadership changes at Starbucks (SBUX) and Bear Stearns (BSC).

At 10:AM we have the pending home sales index and 50 minutes later Boston Fed President Eric Rosengren will speak. After testing the November lows yesterday, some probably think that it is time to put some cash to work with tight stops at under yesterday's lows. After all, its Tuesday and markets always turnaround on Tuesday, right?

Premarket gainers: ISIS, LEAP, SBUX, SOLF, AEHR, SHPGY, SIRT, ACGY, FCX, RPM, VMED, PBR, NEWP, DNDN, EBS, PCS, DE, SWHC, GOLD, MICC, SIGM, PAAS, SHOR, VION, AKNS, SDTH, AAPL, SEED, MRVL, ZIXI, HOKU, and NVDA.

Premarket losers: BLUD, CC, CXSP, ISRG, CMOS, HINT, GRB, JADE, EAT, CMOS, CROX, CSUN, NAII, and AMZN.

Unfortunately, a show of hope at this stage isn't really what you want to see if you're looking to get long again. In this tape, the only way to buy is to buy desperation and sell hope.

The bears are scared that at any minute Bernanke will show up and announce an emergency rate and unfortunately that means that the shorts probably aren't being as aggressive as they could or should be. That's an important dynamic to understand because to see a very strong reversal (as we have at prior short-term lows), we need the shorts to be leaning against the tape with everything they have. I'm not so sure they are with the ever-present Fed threat out there, but sooner or later we will find out. Things will get very interesting around here when the Fed does move in and the market does not react as positively as so many people currently assume it will.

Of course, I could be wrong. Perhaps the worst is really behind us and smooth sailing is ahead. But, without some read on earnings, I'm going to trade what I see not what I want to believe. Have a great Tuesday!